SAO PAULO (Reuters) -Grupo Carrefour (EPA:) Brasil on Tuesday said it has started studies for a potential carve-out of its real estate business unit, a move that could lead to the creation of one of Latin America’s largest retail-focused real estate companies.
The firm said in a securities filing that its real estate unit currently includes more than 450 assets, adding that the potential new company would have more than 1.5 billion reais ($287.09 million) of net operating income.
Formally known as Atacadao SA, the local unit of French retailer Carrefour SA (OTC:) noted that the move would also include the potential sale of a minority stake in Carrefour Real Estate to a strategic investor.
The move comes “in line with the group’s strategy to unlock value of its assets and to accelerate the development of its real estate,” Carrefour Brasil added.
($1 = 5.2249 reais)